The Alan Sondheim Mail Archive

December 7, 2006

---------- Forwarded message ----------
Date: Wed, 6 Dec 2006 23:49:09 -0500
From: moderator@PORTSIDE.ORG
Subject: World's Richest 1% Own 40% Of All Wealth

World's Richest 1% Own 40% Of All Wealth, Un Report Discovers

*·* First ever study of global household assets
*·* 50% of world's adults own just 1% of the wealth

James Randerson, science correspondent
Wednesday December 6, 2006
The Guardian

The richest 1% of adults in the world own 40% of the planet's wealth,
according to the largest study yet of wealth distribution. The report
also finds that those in financial services and the internet sectors
predominate among the super rich.

Europe, the US and some Asia Pacific nations account for most of the
extremely wealthy. More than a third live in the US. Japan accounts for
27% of the total, the UK for 6% and France for 5%.

The UK is also third in terms of per capita wealth. UK residents are
found to have on average $127,000 (£64,000) each in assets, with
Japanese and American citizens having, respectively, $181,000 and
$144,000. All data relate to the year 2000.

The global study - from the World Institute for Development Economics
Research of the United Nations - is the first to chart wealth
distribution in every country as opposed to just income, for which more
comprehensive date is available. It included all the most significant
components of household wealth, including financial assets and debts,
land, buildings and other tangible property. Together these total $125
trillion globally.

Anthony Shorrocks, director of the research institute at the United
Nations University, in New York, led the study. He affirmed that the
existence of a nest egg provided an insurance policy that helped people
cope with unforeseen events such as ill health or a lost job. Capital
allowed people to drag themselves out of poverty, he added. "In some
ways, wealth is more important to people in poorer countries than in
richer countries." It was more difficult in developing countries to set
up a business because it was harder to borrow start-up funds, he said.

His team used detailed data from 38 countries, but had to rely on
incomplete information from the rest.

The report found the richest 10% of adults accounted for 85% of the
world total of global assets. Half the world's adult population,
however, owned barely 1% of global wealth. Near the bottom of the list
were India, with per capita wealth of $1,100, and Indonesia with assets
per head of $1,400.

Many African nations as well as North Korea and the poorer Asia Pacific
nations were places where the worst off lived.

"These levels of inequality are grotesque," said Duncan Green, head of
research at Oxfam. "It is impossible to justify such vast wealth when
800 million people go to bed hungry every night. The good news is that
redistribution would only have to be relatively small. Such are the vast
assets of the rich that giving up a small part of their wealth could
transform the lives of millions."

Madsen Pirie, director of the Adam Smith Institute, a free-market
thinktank, disagreed that distribution of global wealth was unfair. He
said: "The implicit assumption behind this is that there is a supply of
wealth in the world and some people have too much of that supply. In
fact wealth is a dynamic, it is constantly created. We should not be
asking who in the past has created wealth and how can we get it off
them." He said that instead the question should be how more and more
people could create wealth.

Ruth Lea, director of the Centre for Policy Studies, a thinkthank set up
by Margaret Thatcher, said that although she supported the goal of
making poverty history she did not think increasing aid to poorer
countries was the answer. "It's no use throwing lots of aid at countries
that are basically dysfunctional," she said.

The UN report was issued as the Swiss magazine Bilan released a list of
the richest Swiss residents. Ingvar Kamprad, the founder of Ikea, topped
the list with an estimated fortune of $21bn.,,1964813,00.html


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Work on YouTube

Some work moved to youtube where it might be easier to watch - I've also
tried for because they pay and we're desperate - they pay if
there are enough viewers - no art category - something about cool stuff -
anyway none of the uploads worked; it would read my .mp4 or .mov files
which went thru easily on youtube. Meanwhile on youtube everything's
blurred out, but at least there in one form or another. And anyway, enjoy.
And tell me what's wrong with metacafe. And send lots of money. Seriously.
Lots and lots of money. - Alan

PS and tell you friends about it and everyone will be happy.





doomed dancer


bulb1.mp4 avatar interior

duetavatargrange avatar exterior

Tube Scan (vacuum tube deconstruction)

agzither - Alpine Zither / Access Grid

(From Sandy Baldwin)

IRS will start taxing virtual world play.

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Check Work on YouTube. Check out blog as well. 
Work directory at . Email: 
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books, dvds, cds, performance, etc.

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